Malcolm Prosser from St Ives got back £288 from Halifax

Malcolm first received financial advice from Halifax in 2003 following the sale of a property. He was satisfied with the outcome of this so approached Halifax again for further advice as he wanted to invest over the long term on a regular basis.

After hearing our ad on the radio Malcolm contacted us as he wanted us to check he was given the best advice on both occasions. We examined the advice he was given originally and concluded that Halifax had done nothing wrong - they had advised him to invest an affordable amount into a low risk investment. This was suitable advice for him taking into account his circumstances at the time. However, when we looked into his second investment which was a monthly contribution, it was going into a much riskier fund than his previous investments. Malcolm paid a total of £5,600 into this ISA and got back almost £7,500 when he cashed it in. Although his investment had grown in value it would have returned more if the advice had been to take less risk. 

We submitted a claim for compensation to Halifax and argued that our client was advised to take too much risk. Halifax agreed with our findings and agreed to pay £288 in compensation. Although only a small pay out it shows the value of getting any advice checked out by our experts.